The bank made the announcement in its preliminary results for 2015/2016 published today.
Sainsburys Bank will launch into the mortgage market in 2017.
The bank made the announcement in its preliminary results for 2015/2016 published today.
The results read: “Given the bank’s strong trading performance and the trust people have in the Sainsbury’s brand, we have decided to launch new mortgage products in 2017.
“We believe these products will complement our existing financial services portfolio and we expect customers to respond well.”
In 2015/2016 Sainsburys made an underlying profit before tax of £587m, down from £681m the year before.
With the investment required to enter the mortgage market Sainsburys predicted a 10% fall in operating profit next year.
Sainsburys Bank recorded £65m of underlying profit in the year to March which it said “supports plans to launch mortgages”.
